Posted by IGN Staff on November 15, 2018 09:29:49The new generation of finance professionals, those that will change the way the world is funded and managed for the better in the future, are starting to emerge.
According to a recent report by research firm Credit Suisse, the average age of a corporate finance executive has dropped to 36, down from 42 just a few years ago.
That’s because they are now more likely to be self-directed and less likely to rely on a single financial institution.
The average age at which a senior partner at a large international banking firm is expected to retire has risen from 46 to 50 years.
At the same time, the median salary for the top 100 top corporate finance executives has risen to $6.5 million, up from $5.9 million a decade ago.
The new finance professionals aren’t only getting younger, but also younger at the same rate.
According to Credit Suise, the number of employees at large financial firms has increased from about 20,000 in 2012 to more than 31,000 today.
And the average salary for those employees has risen about 20 percent annually.
“The big question for financial institutions in the 21st century is how to attract and retain this generation of professionals and the new wave of finance leaders who are now being trained at institutions such as Kia and others,” says Andrew Kloza, Credit Suse’s senior vice president of research.
“These are the people who have been with the company for 20 to 30 years, who have the experience and the knowledge, and who are willing to invest their time and energy into the business and to help it succeed.”
But also, they are more likely than others to have a bachelor’s degree in finance, and a second degree in management.
“And they are also the people that are going to be most likely to see the opportunities and the opportunities are going away.”
The report also found that the average number of people working for Kia is increasing by almost 200 percent, from 6,600 in 2014 to 7,300 today.
The company also recently launched an ambitious plan to increase its workforce to 8,000 by 2025.
For its part, Kia’s parent company, KKR, said in a statement that the rise in the age of its finance executive corps is a reflection of the company’s evolution from being a cash-strapped young start-up to a global leader in finance and technology.
“As a result of these trends, K-Street is now better positioned to grow and evolve into a global financial services firm with a global footprint and a global workforce of more than 8,500 people,” the statement read.
“Kia is looking forward to continuing to attract the next generation of young finance professionals who have a passion for K-Stores and are ready to work for KK as they embark on careers in technology, finance, retail, and other key industries.”
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